Financial Reward and Job Satisfaction in Commercial Banks, Kogi State, Nigeria

Abstract

The banking sub-sector play a significant role to the nation’s economy but its performance largely depends on employee job satisfaction. This research on Impact of financial reward on job Satisfaction with a focus on commercial banks in Kogi State is carried out to examine the extent to which financial reward influences job satisfaction in Kogi state. The study adopts a descriptive research survey design with a total population of who are 896 employees of the selected commercial and sample of 269 was used using the Godden sample size formular. However, out of the total sample size of 269 reached only 226 completed and returned the questionnaire giving a retrieval rate of 84%. The study elicited data using a 18 items structured questionnaire designed in a five points Likert scale. The hypotheses were tested using simple linear regressions. The research showed that there is significant positive relationship between financial reward and job satisfaction. The study specifically revealed that there is significant positive relationship between employees’ salaries and personal growth (r =.876, p-value <0.05, there is significant positive relationship between employees’ bonus and job security (r =.856, p-value <0.05, there is significant positive relationship between employees’ commission and colleagues support (r =.799, p-value <0.05. Based on the findings, this research therefore recommends that financial rewards should not only be sustained in the commercial banks in Kogi state but be periodically reviewed to ensure employees are adequately satisfied therefore leading to sustainable performance.

Keywords: Financial, Reward, Job, Satisfaction, Commercial Banks, Nations, Economy